More drama: Housing CEO offloads all his shares to employees

Housing CEO and co-founder Rahul Yadav has offloaded all his personal shares worth US$30 million to its employees, the company said in a statement.

He made this announcement today at the company townhall that was attended by all employees of Housing.

The startup has about 2,251 employees. Each employee will get approximately one year of their annual salaries worth of Housing stocks.

“House hunting problem is unsolved globally. Just the problem statement gave me a lot of kick,” Yadav said while explaining the reason behind this move.

He further added. “In each and every country there are four to five players doing the same poor job and still not able to solve the problem. Across the globe there are more than 500 players. We want to unify all and create a global giant for real estate so that the one company can afford much higher level of R&D and technological innovation to push the category forward.”

He also clarified that “other than these, there is no other factor at play here, including money!”

“I’m just 26 and it’s too early in life to get serious about money etc,” Yadav says.

The founder earlier wrote on Facebook that “Going to office these days feels exactly like being back at school. Get up on time, take shower, dress nicely, slotted day hours and yes, there are still those goddamn ‘board’ exams (sic).”

Last week, Yadav had resigned from his post . His letter of resignation left no doubt on what he thought of Housing’s investors: “I don’t think you guys are intellectually capable enough to have any sensible discussion anymore,” he had said. He withdrew his resignation later in the day.

Housing is a poster boy among Indian startups with US$130 million in funding. VCs now hold over 70 percent of the company.

(Editor’s note: The figure for the value of the shares has been corrected.)